"I think this is a really important test case for shareholders in New Zealand," he says. "This is the first time we've had a clear cut case where all shareholders - and by that I mean institutions plus retail investors represented by the Shareholders Association - should get together and form a common view and bring that common view to the company."

The Shareholders Association says GPG must consult shareholders about the appointment of new directors.

The assocation's chair elect, John Hawkins, says he has no faith that those remaining on GPG's board will find truly independent directors, if left to their own devices.

Meanwhile, Mr Gibbs says board members were split 3-2 on the restructuring plan, with he and fellow director Blake Nixon against it.

GPG says Mr Gibbs' preferred plan to return cash to shareholders by the end of the year and sell its threads firm is against outside advice and wouldn't be appropriate.